{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS J.P. Morgan Global Gov ESG Liquid Bond UCITS ETF USD acc",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant bond ETF tracking the J.P. Morgan Global Government ESG Liquid Bond Index using a stratified sampling physical replication method. The KIID and PRIIPs KID both confirm that the fund invests predominantly in bonds and transferable securities, with exposure achieved substantially through direct investment or a combination with derivatives used only for risk management, not as an inherent part of the strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty risk beyond normal derivative risk disclosures. The fund does not use leverage, inverse or amplified exposure, and the risk profile is moderate (risk category 4 in KIID, 3 in PRIIPs KID), consistent with a bond ETF. The factsheet confirms physical stratified sampling replication, no securities lending, no leverage, and a low tracking error (~0.05%), indicating straightforward index tracking. No capital protection or structured features are present. Costs are simple with a TER of 0.15% and no performance fees. The PRIIPs KID states the product is 'not simple and may be difficult to understand' but this appears to be a standard caution for bond ETFs with some derivative use for risk management, not indicative of complexity under MiFID II. No complex underlying assets such as contingent convertible bonds or CLOs are held. Overall, the ETF exhibits characteristics of a non-complex financial instrument under MiFID II."
}